Baja Announces S&P/TSX Global Mining Index
and S&P/TSX Global Base Metals Index Addition
Vancouver, December 13, 2010 - Baja Mining
Corp. ("Baja") (BAJ:TSX) is pleased to announce that, as a result of
the Quarterly S&P/TSX index review, Standard & Poor's Canadian Index
Operations added Baja to both the S&P/TSX Global Mining Index and the
S&P/TSX Global Base Metals Index, effective Monday, December 20, 2010.
"The inclusion of Baja in the S&P/TSX
Global Mining and Base Metals Index is a result of a significant increase in Baja?s market capitalization and liquidity over the last
few months," said John Greenslade, President
& CEO. "The addition to these indices will give us an opportunity to
broaden our shareholder base.?
S&P Indices, a part of McGraw-Hill
Financial, is the world's leading index provider maintaining a wide variety of
investable and benchmark indices. The S&P/TSX Global Mining Index is
comprised of the world?s
leading mining issuers with holdings and projects globally. S&P/TSX Global
Base Metals Index is a subset of the S&P/TSX Global Mining Index.
Baja Mining is a Vancouver,
Canada-based publicly traded mine development company (TSX:BAJ; OTCQX:BAJFF)
with a 70% interest in the Boleo
copper-cobalt-zinc-manganese Project located near Santa Rosalia,
Baja California Sur, Mexico, targeted for copper commissioning in 2012, and
production in early 2013. A Korean syndicate of industrial companies holds the
remaining 30%. Baja is the project operator. The Boleo
Project has a copper/cobalt/zinc/manganese resource consisting of 265 million tonnes of measured and indicated resources (including
approximately 85 million tonnes of proven and
probable reserves) and approximately 165 million tonnes
of inferred resources. A January 2010 NI 43-101 compliant updated technical
report to the 2007 definitive feasibility study confirmed that the Boleo Project can be developed economically at an after-tax
internal rate of return of 25.6% based on 100% equity. The Project, which has a
minimum scheduled mine life of 23 years (during which approximately 70 million tonnes of the noted proven and probable reserves will be
exploited), has a NPV of US$1.306 billion, using an eight percent discount
rate, and an average life-of-mine cash cost of negative $0.29/lb for copper,
net of by-product credits.
ON BEHALF OF THE
BOARD OF DIRECTORS OF BAJA MINING CORP.
"John W. Greenslade"
JOHN W. GREENSLADE, PRESIDENT
For further information please contact John Greenslade,
President, at (604) 685-2323
Some of the statements contained
in this release are forward-looking statements, within the meaning of Canadian
securities laws, such as statements that describe the anticipated mine life;
the Company?s expected NPV and IRR of the project;
expected future metal prices; expected timing of copper production and other
statements. Since forward-looking statements are not statements of historical
fact and address future events, conditions and expectations, forward-looking
statements by their nature inherently involve unknown risks, uncertainties,
assumptions and other factors well beyond the Company?s
ability to control or predict. Actual results and developments may differ
materially from those contemplated by such forward-looking statements. Material
factors that could cause actual revenues to differ materially from those
contained in such forwarding-looking statements include (i)
fluctuations on the prices of copper, cobalt, zinc and manganese, (ii)
interpretation of contract terms, (iii) accuracy of the Company?s
and consultants? projections, (iv) the Company?s
ability to finance, receive permits for, obtain equipment, construct and
develop the El Boleo Project, (v) the effects of
weather; operating hazards; adverse geological conditions and global warming,
(vi) impact of availability of labor, materials and equipment; and (vii)
changes in governmental laws, regulations, economic conditions or shifts in
political attitudes or stability.
These forward-looking
statements represent the Company?s
views as of the date of this release. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements. Readers should not place undue reliance on any forward-looking
statements.
The Toronto Stock Exchange
neither approves nor disapproves the information contained in this news
release.